NetSuite enterprise resource planning (ERP) system touches every aspect of a business, so as well as integrating and automating the financial and operational functions that you’d expect, it also provides CRM and HR functionality, as well as integrating with inventory, order and supply chain management, procurement, production, distribution, e-commerce and fulfilment.
As the world’s most deployed cloud ERP solution, NetSuite provides companies with clear visibility and control of their business by bringing everything together and providing a single version of the truth. Here are a dozen features and benefits of NetSuite ERP.
1. Integration brings a single version of the truth
Companies are often divided into silos where one part of the business does not know what anther part is doing. This ‘silo mentality’ leads to inefficiencies, missed opportunities and different departments working at cross-purposes. One of the most significant benefits of implementing a cloud based NetSuite ERP system is that it provides a central view of essential financial, operational and business data that can be shared across the organisation in near-real-time.
Once a company has a single version of the truth it can act more intelligently and make better business decisions based on data and reports that don’t contradict each other and are always up to date. These insights allow a company to re-allocate resources, operate more efficiently and capitalise on changing market conditions.
2. Automating key tasks reduces errors and increases efficiency
A company running NetSuite ERP can automate a whole range of repeatable business tasks, such as payroll, order processing, invoicing, reporting and more. Not only does this automation minimise the time spent on manual data entry and reduce errors, but also lets employees focus on more interesting, value-added tasks.
The nature of an ERP system means that data entered by one user is available across the organisation, near instantaneously. Reporting is much more accurate and timely, allowing every facet of the business to use that data to make better informed decisions. Automated processes can trigger other events automatically increasing business efficiency and translating into more revenue and a better customer experience.
3. More accurate data enables better insights
Using data more effectively is a perennial priority for business leaders and managers. The power of data analysis enables employees to gather a wide variety of information and spin it into actionable insights—on new business opportunities as well as ways to optimise current operations, reduce costs, spot fraud and better serve customers.
4. Better reporting provides a clearer picture of the business
Better reporting is almost as important to executives as more effective data usage. ERP reporting modules compile information about business operations into reports that employees to make more informed decisions, enhance business processes and identify problem areas before the business suffers. Reports may include visual representations, such as charts, graphs and dashboards, revealing trends and patterns to improve business results.
5. Improved tracking and visibility
NetSuite ERP allows companies to track and understand business metrics by providing companywide access to near-real-time data, breaking down information silos and offering reporting and analysis for every aspect of business operations.
6. More efficient accounting
NetSuite’s ERP accounting features deliver the ability to track, store and analyse financial data, such as accounts payable, accounts receivable, general ledger, budgets and forecasting, as well as more advanced tasks such as tax management, fixed assets management, revenue recognition and multi-currency reconciliation. NetSuite decreases the time it takes to reconcile and close out monthly financial statements - critical for companies looking to move to continuous month-end closes.
7. Better financial management
Financial management is a complex task that involves planning, organising and determining the best use of funds for a business. Financial managers must track and use financial data from all departments to make business decisions about all kinds of things including capital projects, funding sources, cash management and financial controls.
ERP systems assist finance teams with the management process by tracking, analysing and reporting the critical business data which is key sound financial management.
8. Integrated Customer Relationship Management
NetSuite’s integrated CRM features bring customer relationship data into the mix, expanding the view of the business. All customer information—including contacts, order history, purchase orders and prospect status—is in a shared, easily accessible database. They also enable the automation of CRM processes such as filling out POs, generating accounts receivable reminders and following-up prospects at key, pre-defined points in the sales pipeline.
9. Slicker sales and marketing
ERP systems with integrated CRM also benefit marketing and sales teams by making it easier for them to sell, upsell, generate quotes and purchase orders, forecast, manage commissions and track key details like profit margins and ratios.
Marketing teams may benefit from an ability to drive more leads, quickly build and execute campaigns and track customer activity through the sales cycle.
Sales and marketing teams use ERP functions in close connection with finance and operations colleagues to provide a superior customer experience through the entire sales pipeline.
10. Better manage your human resources
The HR component of NetSuite’s ERP system acts as an end-to-end employee management platform, handling payroll, hiring, onboarding, compensation management and timekeeping. Complex HR functions, like tax and benefits deductions, are automated, which saves time and money while reducing errors.
11. Improved supply chain management
ERP systems offer insight into a company’s supply chain management efficiency by tracking demand, inventory, manufacturing processes, logistics and distribution. A fully automated and integrated supply chain enhances operations by suggesting purchase orders, work orders and transfer orders across multiple locations.
Improved supply chain management helps a company set inventory goals and simplifies distribution resource planning. Real-time data on a company’s supply chain helps identify areas of inefficiency, providing greater control and management over inventory.
12. Optimises your manufacturing processes
ERP as a function started within manufacturing. Modern systems create efficiency in manufacturing processes by assisting with product planning, sourcing raw materials, production monitoring and forecasting. Other components include modules for assembly management, bill of materials, work order management, shop-floor control, distribution planning and product tracking.
Trust ERP Experts to implement your ERP
NetSuite is ideal for small to midsized businesses across all industries, and offers real-time insights, better customer service and reduced supply chain costs by integrating and automating essential financial and operational functions including inventory, order, and supply chain management as well as procurement, production, distribution, and fulfilment.
To find out more about NetSuite ERP and request a free demonstration of its capabilities, call us on 01785 336 253 or complete our contact form.